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The Australian Government’s Response to the Failed Playtech-Plus500 Deal

Posted on December 1st, 2015 by Sophie Gerber in AFSLs

flag-692748_1280Following in the footsteps of the Financial Conduct Authority in the United Kingdom once again, the Australian Government has recently released their response to the Financial Systems Inquiry which approves increased scrutiny by the ASIC of changes in control of Australian Financial Services Licences (AFSL). In the wake of the failed Playtech and Plus500 deal, where the FCA raised concerns about Playtech’s acquisition of Plus500, Australia appears to be moving towards a similar model which will allow the ASIC the ability to approve or reject changes in control of AFSLs.

This expansion in the ASIC’s power has the ability to affect the margin FX and OTC derivative industry in Australia quite substantially and may see more deals like the Playtech­Plus500 deal terminated.

Read More on our Media Page or on Finance Magnates.

Alicia Pevely

Alicia works with Sophie Grace Pty Ltd with a particular focus on compliance and legal services. She assists clients with AFSL and ACL applications, variations and also assists in the implementation of compliance reviews. She provides ongoing compliance support as well as assisting in the preparation of legal advice, commercial agreements and disclosure documents.